Legal Question in Real Estate Law in New Jersey
A few years ago I invested in an apartment building, (currently occupied with tenants), in New Jersey, along with a few others. Recently the bank, who holds the mortgage, allegedly informed the principal investor that foreclosure was imminent. The principal made a unilateral decision to move forward with the foreclosure without consulting the other investors. The investors never saw any bank statements, ledgers or written communication of any kind, although such sharing of information was signed-off on in writing by all parties during the initial structuring of the deal. I have lost my total investment. Do I have any recourse against the principal investor?
Thank you.
3 Answers from Attorneys
This does not sound right. Not at all. Call me, bring in your documents and come see me. No charge for me to look it all over and tell you what I see, and what your best course of action will be.
Robert Davies, Attorney
201 820 3460
It would seem that you have the right to have an accounting from the managing member and you may be able to win a suif for damages. Facts are important as is the operating agreement. Call if you would like to discuss the matter further.
No, but choose your target carefully. Unless you have a machine designed to extract blood from a turnip, it may not be useful to sue the principal investor. Maybe you want to unravel the foreclosure and open a lender liability front. I can help with this. We have several means of attack but the most appealing is to sue the bank. We can almost always blame the bank, it's fashionable and often just and proper.
Yes, you might say I'm outside the box. That's what is needed so often.
Kevin J. Connolly 516 242 1453
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